Buy Litecoin (LTC)
The cryptocurrency industry is booming, and things are looking up for it to become an integral part of our future.
The number of people who want to invest in cryptocurrency in Somalia is growing rapidly, and profitable investments in digital coins are not uncommon today. Learning how to make money from this asset today means ensuring a prosperous life for yourself tomorrow.
Today we will talk about the opportunity to invest in Litecoin, but first let's take a closer look at this project.
What is Litecoin (LTC)?
The cryptocurrency Litecoin (LTC) was developed by Charles Lee in 2011. It is a peer-to-peer digital coin, just like Bitcoin. However, it was designed to process transactions faster than Bitcoin, hence the name "Lite".
With Bitcoin, the average time it takes to create a block on the blockchain is 10 minutes. Litecoin takes just 2.5 minutes. This makes the network not only faster, but also more secure, as by forming blocks faster, the transaction receives the necessary number of confirmations for its verification faster.
In the first two years of its existence, Litecoin (LTC) went from an unknown coin to the title of "digital silver" and became the first altcoin, which capitalization reached $1 billion.
In his project, the developer tried not only to keep all the advantages of the Bitcoin cryptocurrency, but also to strengthen them and eliminate the disadvantages. Two years after its inception, Litecoin was rightfully considered the main reserve digital currency after Bitcoin. And in 2016, it became the second most valuable and significant cryptocurrency, surpassing many existing altcoins.
Today, Litecoin is one of the top ten most promising and popular cryptocurrencies.
LTC is the internal cryptocurrency of the Litecoin payment network. LTC is limited to 84 million coins. New coins are mined using mining.
Litecoin (LTC) is used for the following purposes:
- Payment for goods and services. LTC can be used on a par with Bitcoin in transactions of online shops or other organizations providing online services. Although the popularity of this token in online retail sales is not as high as that of Bitcoin, it is found in some shops.
- Payroll issuance, payment of freelancers' work. Given the speed of transactions, LTC can be used in businesses to pay remote employees.
- Speculative buying or portfolio building. LTC cryptocurrency has almost as much value as Bitcoin for traders and depositors. It can be found in various investment portfolios.
Litecoin is not unreasonably considered to be one of the oldest and strongest on the market. The coin is quite popular and has a number of partners. These include exchanges, a ticket booking service, and the company BlockCard has imitated a plastic card. A virtual VISA debit card with native LTC support was launched in August 2020. The card is distinguished by the fact that it is the only plastic card to date where deposited funds are converted and stored in Litecoin until they are cashed out.
All of these features make it an attractive opportunity to buy LTC in Somalia.
How to buy Litecoin in Somalia?
Litecoin is one of the most popular cryptocurrencies available for purchase on almost any cryptocurrency exchange. Litecoin can be bought directly for fiat currency, unlike many other cryptocurrencies, which are only sold for Bitcoins. You can easily and quickly buy Litecoin in Somalia on an online trading platform, and it's also profitable.
An online trading platform is a terminal used to access trades in the cryptocurrency market. It allows traders to open trades and take profits, as well as to use the available tools to analyse the market and predict the direction of the asset's price movement. Essentially, such an online marketplace brings together users who want to trade cryptocurrency. The moment you place a sell order and someone else places a buy order, the platform brings you together and helps you execute the trade.
The platform has a user-friendly interface in several languages and, most importantly, very low trading fees.
Once registered on such an online platform, users have access to transactions and operations related to exchanging, selling and buying digital coins.
Advantages of working on the trading platform:
- wide range of coins and payment systems;
- additional earnings on the dynamics of the rate;
- you may set up profitable rate for purchasing;
- speed of application processing;
- high level of protection.
The key objective of the modern platform is to simplify the trading process, so novice traders will not have any difficulty in using it.
That's because most platforms have a great beginner's guide, it's free and very easy to use. It looks like a step-by-step tutorial, which makes it easier for beginners to find information.
On the interactive site, you will have access to fundamental analytics, a handy feature that allows you to receive market updates and newsletters without having to go to other resources.
You can use technical analysis tools, default or custom indicators, build an investment portfolio, and manage your capital.
The Litecoin exchange rate can be easily monitored on a graph that clearly shows the ups and downs of the cryptocurrency. You can find out not only the current value of LTC, but also its price at any point in time in the past. There is an option for traders to track economic news via a calendar.
It is now possible to buy LTC through the phone as well. This option is not risky, as quite a few services have already adapted their own platforms for smartphones.
The mobile app performs all the functions of a platform for seamless trading "on the go".
The app gives you full control of your portfolio, and you can manage all the commands with one hand. Create orders in one click, view history and use all the tools that are available in the hollow version.
You can also buy Litecoin the classic way by opening a cryptocurrency wallet on a trusted online exchange and installing it on both your computer and smartphone to have constant access to your virtual assets. It can be used to perform various transactions with your cryptocurrency, which is stored in the blockchain ecosystem.
How to invest in Litecoin in Somalia?
Although cryptocurrency is still a high-risk asset, with some knowledge, investing in it can yield returns quite quickly. There are several ways you can invest in Litecoin in Somalia, let's go over the most common ones.
For those who don't want to check the quotes every hour, there is a special investment strategy - HODL. This is holding on to your assets in anticipation of the overall growth of the crypto market and cryptocurrency quotes over the long term. Simply put, you buy Litecoin and hold the coins for years without paying attention to what happens in the market today.
This strategy can bring enormous profits, but sometimes you have to wait at least a few years for that to happen. Investors who buy crypto assets early and cheapest benefit the most from this kind of investment.
But there are nuances, because no one can know for sure that Litecoin will grow. It is equally possible to make or lose money. Spreading investments across different cryptocurrencies insures against this. This is called "portfolio diversification". Instead of you buy LTC with all your money, you can buy many cryptocurrencies. Some of them will fall, but others will rise - and you will still make money.
Staking is a form of passive earning by storing your money in a cryptocurrency exchange account in a cryptocurrency wallet to perform blockchain transactions using the PoS algorithm.
It is much like a bank deposit, where you receive a fixed interest on your deposit.
Your income in this case depends on the total amount of coins 'frozen' in the wallet for blockchain transactions. The more cryptocurrency you have, the more reward you can expect to receive. By simply holding these coins, the buyer becomes an important part of the network's security infrastructure and is compensated accordingly.
Coin mining on PoS does not require expensive equipment (ASICs, cooling systems and standalone power supply): a laptop or desktop PC is sufficient for staking.
One of the ways to make money from cryptocurrencies is to mine cryptocurrencies.
Mining, in simple terms, is a process during which mathematical calculations are solved, resulting in the release of new blocks of information.
This yields a certain amount of electronic money, which is deposited into a common piggy bank and registered on the blockchain. Transactions with already existing coins are also processed at this time. They are checked on the computing devices of P2P network participants and added to the blockchain.
During the mining process, the last transactions are authenticated and compiled into blocks. The participant who solves this task first is rewarded. This approach was specifically conceived as an incentive for those who donate their computers' computing power to keep the network running and mining new coins.
Cryptocurrency trading is an income generating activity that involves a market participant gambling on price differences. The trader's job is to sell cryptocurrencies at a higher price and buy them at a lower price. But this requires basic knowledge of technical and fundamental analysis, situational awareness, and the ability to react quickly to trading changes.
A popular way to make money from cryptocurrency price movements is through a CFD, or Contract for Difference. It is a contract in which the investor does not need to purchase a cryptocurrency.
With the help of this tool, it is possible to make money by "predicting" the behaviour of Litecoin exchange rates. To do so, the investor needs to bet on which way the price of the coin will go. If his prediction comes true, he will get the difference in the price as a prize. Losers, on the contrary, will have to pay for their mistake. The loss will be the difference in the opening and closing price of the contract.
The level of profit or loss also depends on how soon the contract for the price difference will be closed.
You can use leverage to work with CFDs. The tool allows for a significant increase in income in case the prediction comes true. But there are some risks involved, so do your research before you start.
How to start investing in Litecoin (LTC)?
Today, digital coins are a great tool for generating profits due to their high volatility. With the right approach, they can bring an investor hundreds of % profit per year.
We have prepared some basic rules to help you invest in Litecoin in Somalia:
- First and foremost, you need to choose a reliable and secure online trading platform. Pay close attention to the tech support operation. Ideally, it should be available 24/7 so that you can call for help at any time if you need it.
- Stick to your trading plan. It is one of the most important things in crypto investing and determines how you buy and sell cryptocurrency. Only change your plan if you have found a better trading method.
- Study the market. As a novice investor, you need to immerse yourself in the specifics of cryptocurrencies, to understand what their price rises and falls depend on. This will help you learn how to predict market developments in general and Litecoin in particular.
- Buy different coins to diversify your portfolio. This is an important rule to avoid losing all your capital all at once in case of a negative scenario.
- Only trade with free money. Perhaps the most important principle of trading and investing is to be financially savvy. And another major mistake first-time investors make is to invest large finances into cryptocurrency at once, which the user cannot simply afford. Start gradually.
- Familiarize yourself with at least basic security measures. Study the news, read analytics, talk on topical forums etc. But don't forget to check the sources and relevance of information. The cryptocurrency industry develops very quickly and information becomes outdated quickly.
Is it safe to invest in Litecoin (LTC)?
The advantages of Litecoin include its reliability: LTC is now considered one of the established and unchanged coins of the cryptocurrency market.
LTC has gained a reputation as an advanced coin with a strong development team, so expectations are high. Litecoin has already set historical highs several times. The first time was at the end of 2017, when the cryptocurrency industry experienced its first boom. The second time, the LTC price peaked in 2021.
Is it safe to invest in Litecoin online?
The good news is that there's a whole army of specialists working to protect your assets on the online exchange.
You can be sure that working on a professional online platform, all your information is secure and that you get reliable information about the state of the market.
A serious platform has maximum security measures against hackers. In addition, there are different ways to securely log in to your account - apart from a password, it can be a passphrase, two-factor authentication, etc.
As for you, you need to secure your computer, it needs adequate protection against malware if you are serious about trading. Viruses can lead to all sorts of crashes, which occurs, as always, at the most crucial moment. So it's better to install some good antivirus protection, as there is plenty of it nowadays.
The cryptocurrency industry is growing, getting better and stronger every day. And now there is no doubt that to invest in Litecoin in Somalia would be the right decision. Register on the online platform and start earning today. Good Luck!